Technical outlook and chart setups:
1. Gold confirms bottom at $1,277.00 for now. A bullish reversal trading signal appears on the 8H chart view here. Recommendations are to remain long for now, risk remains at $1,270.00 for now. The metal should target at least $1,350.00 levels from here on. Also note that the reversal has come around 50% fibonacci support of the entire rally from $1,180.00 levels to $1,388.00 levels.
2. Intermediary trend line resistance is seen at $1,350.00, followed by $1,388.00, while support is seen at $1,240.00, followed by $1,210.00 and lower respectively.
3. The structure remains constructive for bulls at the moment. We would watch out for a reaction at $1,350.00 levels though.
Trading recommendations:
Remain long, set stop at $1,270.00, target is at least at $1,350.00
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com
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